Intuit said last year that it was looking for a buyer for its Quicken business, and the company has now announced that Quicken will be acquired by H.I.G Capital, a private equity investment firm that has invested in and managed more than 200 companies worldwide since 1993, with combined sales of over $30 billion. Quicken head Eric Dunn shared the news and talked about where Quicken would be going in a video.
Dunn was the fourth employee at Intuit, having joined back in 1986, and he said that he’s “very aware that Quicken isn’t perfect,” and that he reads comments from customers via email, Facebook, and the Quicken Live online community. To address customer complaints, Quicken is hiring a new product manager and will be doubling the size of the engineering team within the calendar year. In its FAQ about the sale, Intuit explicitly mentions Mac support, saying:
Meeting the needs of Mac customers continues to be an important priority for the business. In fact, we’ve already identified opportunities to increase the size of the Mac development team.
Little else is slated to change. Intuit has a page for questions and comments about the sale, although there aren’t many replies from Intuit reps.
From what’s been said, it seems as though H.I.G. Capital will primarily be an investor, and Dunn says that Quicken will receive increased investment over what Intuit was providing. With Intuit out of the picture, users can hope those extra resources will result in more capable versions of Quicken appearing more quickly. But caution is still warranted — few apps have promised more and delivered less over the years than Quicken, and it’s possible the recent problems are as much with the current team as with Intuit.
Of course, if you’re sick of the Quicken soap opera, there are good alternatives (see “Your Favorite Mac Personal Finance Apps,” 29 February 2016).